Princess Diana's favorite fairytale dress could be yours ... for a price

By Daisy Carrington and Milena Veselinovic, for CNN

Updated 5:27 AM ET, Tue December 3, 2013

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Fairytale princess – One of Princess Diana's most fantasy-like dresses will be auctioned on Tuesday. It was created by the same designers behind her wedding dress, David and Elizabeth Emanuel, and Princess Diana wore it on several occasions.

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Bejeweled bodice – The dress is a dream-like creation made of shimmering white organza, with gold sequins, crystals and pearl beads embedded throughout.

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Divine details – The entire ensemble includes a petticoat, removable sleeve panels and a matching head band, but Princess Diana often wore it with just a tiara. The design was inspired by Diaghilev's Ballets Russes.

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Fashion icon – Diana was known for her glamorous style, and this is not the first time one of her dresses had been auctioned. In March of this year ten ballgowns that once belonged to her went under the hammer in New York for over $1 million

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Princess of hearts – She had also auctioned her clothes during her lifetime in support of AIDS and cancer charities. Here she is pictured with her son Prince Harry during the commemorations of VJ Day.

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Big-screen style – Before Princess Diana, former Hollywood actress Grace Kelly was hailed as one of the most beautiful and stylish royals in the world. She married Prince Rainier of Monaco in 1956, and her magnetic allure brought a hefty dose of glamor to the tiny Mediterranean kingdom.

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Elegance in the genes – Her granddaughter, Princess Charlotte, inherited her sense of elegance, and has been a muse for the house of Gucci in the past few years, starring in several advertising campaigns.

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Royal refinement – Letizia, Princess of Asturias, a former TV journalist, is known for her demure and chic style. Here she is pictured with Israeli President Shimon Peres during a visit to the country in 2011.

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Scandinavian sophistication – Crown Princess Victoria of Sweden flies the flag for Scandinavian style, often wearing romantic dresses in shimmering pastel hues. Here she is with her daughter Princess Estelle of Sweden, and husband Prince Daniel at the wedding of her sister Princess Madeleine in Stockholm.

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Chic in the Far East – Crown Princess Masako of Japan doesn't appear in public frequently, but when she does she always cuts an elegant figure. Here she is with her husband Crown Prince Naruhito.

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Middle Eastern allure – Queen Rania of Jordan is considered one of the most fashionable royals in the world. She often wears one-of-a-kind designs by the world's most exclusive couturiers, and was included in the Vanity Fair list of top 10 best-dressed first ladies. Here she is pictured with the former mayor of Rome Gianni Alemanno and her husband King Abdullah II.

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Jewel in the desert – Princess Ameerah of Saudi Arabia is hailed for her timeless elegance and, apart from designer dresses, she has a jaw-dropping collection of jewels.

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Best of British – Princess Margaret was known as a great beauty of her time, and a London "it" girl in the 1950s. She had greater freedom to follow fashion than her sister Queen Elizabeth II, who needed to dress for diplomacy and champion British designers. Here she is pictured on her 26th birthday.

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Story highlights

Princess Diana's Disney-like ballgown will go under the hammer in London

It was created by the designers of her wedding dress, David and Elizabeth Emanuel

The dress is expected to fetch in the region of $130,000

Anyone who's ever wanted to look, or dress like a princess will have the opportunity on Tuesday, when one of Princess Diana's most "fairytale" frocks goes under the hammer at Kerry Taylor Auction House in London.

The princess was photographed many times while wearing the ball gown, which was the creation of David and Elizabeth Emanuel, Diana's favorite designers, and was inspired by Diaghilev's Ballets Russes. The dress -- a shimmering white organza number with gold sequins, crystals and pearl beads embedded throughout -- first caught her eye at a Red Cross benefit fashion show in 1986. The entire ensemble includes a petticoat, removable sleeve panels and a matching head band.

"This dress has a real 1980s, New Romantic style," says Kerry Taylor, the auction house owner. The Emanuels, she points out, were of particular significance to Diana, who used them to design both the black taffeta gown she wore for her first public appearance after the announcement of her engagement to Prince Charles, as well as the royal bridal gown for her marriage to the Prince in 1981.

Diana also seemed very smitten with the "Diaghilev" dress, as she wore it to a number of public events, including during a state visit of Richard von Weizsaker, the then-President of the Federal Republic of Germany; to a performance at the Royal Opera House and for the premiere of the James Bond film "The Living Daylights".

"This dress was a real favorite of hers," says Taylor. "It's the kind of dress that a little girl sitting down at school will draw when she's asked to draw a princess."

The dress is expected to sell for $130,000 when it goes to auction. Taylor, who has sold other famous Diana garments, including the couture velvet gown she wore on her first official visit to the White House (where she famously two-stepped with John Travolta), says that the Princess' wardrobe tends to auction for anywhere between $50,000 and $500,000.

"The value depends on how beautiful they are, how historically important, if there's a story behind the dress, how often the Princess wore the dress, and if she was photographed in the dress. All these things add to its value," she says.

Previously, the "Diaghilev" dress was owned by an American collector who used it as a means to raise funds for charity. Until recently, it had been on loan at Kensington Palace. Now, says Taylor, the collector wants to "pass on the responsibility".

As for who is likely to bid on the piece on Tuesday, or why, Taylor says she has no idea.

"It's always a surprise. Most people only want one, so you rely on people to come out of the woodwork," she says. The reasons for buying a Diana dress are equally unexpected, she notes.

"The man who bought the John Travolta dress wanted to cheer up his wife. She had a nasty fall and hurt her leg, and he saw the dress and thought, 'this is just the thing.'"